{"id":1272,"date":"2009-04-07T11:21:08","date_gmt":"2009-04-07T16:21:08","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=1272"},"modified":"2009-04-07T11:21:08","modified_gmt":"2009-04-07T16:21:08","slug":"gbpusd-daily-commentary-for-4709","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/04\/07\/gbpusd-daily-commentary-for-4709\/","title":{"rendered":"GBP\/USD Daily Commentary for 4.7.09"},"content":{"rendered":"

By Fast Brokers<\/a><\/span><\/p>\n

The Cable followed U.S. equities and the Euro lower yesterday and investor uncertainty returned concerning the state of financials.\u00a0 However, the downward movements of the GBP\/USD remain less exaggerated than the EUR\/USD due to the consistent improvement in British economic data.\u00a0 Today\u2019s manufacturing and industrial production numbers reiterated this trend, as both came in encouragingly above analyst expectations.\u00a0 Once again the relative strength of the Pound is revealed in the weakness of the EUR\/GBP.\u00a0 It appears as if the EUR\/GBP could make a large leg down as the currency pair tests April lows and the psychological .90 level.\u00a0 Consequently, the Cable sits comfortably above our 1st tier uptrend line and its psychological level of 1.45.\u00a0 However, we must insert a note of caution.\u00a0 The GBP\/USD failed to breach February highs.\u00a0 Hence, even though the uptrend is intact, this missed opportunity leaves open the door for the possibility of a retracement into its depressing medium-term downtrend.\u00a0 Ultimately, the trend of the GBP\/USD will rely on the performance of U.S. financials.\u00a0 The financial industry comprises a large portion of Britain\u2019s GDP.\u00a0 Therefore, if U.S. banks do in fact encounter a new wave of troubles, British financials would be inextricably impacted and the Cable would have no choice to follow U.S. equities lower.\u00a0 However, throwing caution to the wind, the uptrend is alive and well and the stance remains to the upside in both the GBP\/USD and EUR\/USD until we receive some game changing, economically fundamental events.\u00a0 Fundamentally, we find resistance of 1.4730 with additional resistances hanging at 1.4770, 1.4834, 1.4883 and 1.4946.\u00a0 The 1.50 level serves as a key psychological barrier while the 1.45 area acts as a psychological cushion. To the downside, we see supports of 1.4676, 1.4612, 1.4571, 1.4538 and 1.4484.\u00a0\u00a0 The GBP\/USD is currently exchanging at 1.4702. <\/span><\/span><\/p>\n

\"\"<\/a><\/span><\/span><\/p>\n

Market Commentary provided by Fast Brokers<\/strong><\/span><\/a>.<\/p>\n

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The Cable followed U.S. equities and the Euro lower yesterday and investor uncertainty returned concerning the state of financials…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-1272","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=1272"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/1272\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=1272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=1272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=1272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}